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Serco Group PLC (SRP)

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Monday 10 June, 2019

Serco Group PLC

Director/PDMR Shareholding

RNS Number : 7242B
Serco Group PLC
10 June 2019
 

 

10 June 2019

Serco Group plc (the "Company")

Legal Entity Identifier: 549300PT2CIHYN5GWJ21

 

 

 

INITIAL NOTIFICATION OF TRANSACTIONS O PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES ('PDMRs') IN ACCORDANCE WITH ARTICLE 19 OF THE EU MARKET ABUSE REGULATION 596/2014

 

On 6 June 2019 the Company granted conditional share awards ("Performance Awards") to the following PDMRs under the Serco Group plc 2019 Long-Term Incentive Plan:   

 

PDMR

Number of Shares subject to the Performance Award

Rupert Soames,

Group Chief Executive

1,312,741

Angus Cockburn,

Group Chief Financial Officer

  689,189

 

David Eveleigh,

Group General Counsel & Company Secretary

  250,965

 

Mark Irwin,

CEO AsPac

  321,277

 

Kevin Craven,

CEO UK & Europe

  330,810

 

Philip Malem,

CEO Middle East

  242,820

 

David Dacquino,

CEO Americas

  414,774

 

Anthony Kirby,

Group HR Director

  239,382

 

Kate Steadman,

Group Strategy & Communications Director

  141,776

 

 

The Performance Awards have a normal vesting date of the third anniversary of grant and vesting is conditional on continued employment and the satisfaction of five independent performance measures as follows:

 

Performance

Measure

Weighting

 

Performance Target

EPS

28.33%

Statutory Earnings Per Share (EPS) before exceptional items (adjusted to reflect tax paid on a cash basis) of 19.0p (threshold, 25% vesting) to 23.2p (maximum, 100% vesting), measured as an aggregate over the three-year performance period ending 31 December 2021.

TSR

28.33%

Total Shareholder Return (TSR) of median (threshold, 25% vesting) to upper quartile (maximum, 100% vesting) when ranked relative to companies in the FTSE250 (excluding investment trusts), measured over the three-year performance period ending 31 December 2021.

ROIC

28.33%

Pre-tax Return on Invested Capital (ROIC) of 15.6% (threshold, 25% vesting) to 19.0% (maximum, 100% vesting), measured as an average over the three-year performance period ending 31 December 2021.

Strategic objective - Order Book

7.50%

Book-to-bill ratio of 100% (target, 50% vesting) to 105% (maximum, 100% vesting) measured as an average over the three-year performance period ending 31 December 2021.

Strategic objective - Employee Engagement

7.50%

For  the year ending 31 December 2021, achieve an engagement score of 67 points (target, 50% vesting) to 70 points (maximum, 100% vesting) in our annual employee engagement survey.

 

The Remuneration Committee retains discretion to change performance measures and targets, and the weightings attached to performance measures part-way through the performance period if there is a significant event, such as a major transaction.

 

For Executive Directors, any shares that vest will be subject to a post-vesting holding requirement that takes the total term of the award to a minimum of five years. Post-vesting clawback also applies to the Executive Directors awards. Awards to all participants are subject to pre-vesting malus.

 

 

Transaction notification

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

Rupert Soames

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Group Chief Executive

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

 

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

 

 

 

Identification code

ISIN: GB0007973794

 

 

b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

n/a

1,312,741

 

 

 

 

 

 

d)

 

Aggregated information

 

 

 

- Aggregated volume

1,312,741

 

 

- Price

n/a

 

 

e)

 

Date of the transaction

 

6 June 2019

f)

 

Place of the transaction

n/a

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

Angus Cockburn

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Group Chief Financial Officer

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

 

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

 

 

 

Identification code

ISIN: GB0007973794

 

 

b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

n/a

689,189

 

 

 

 

 

 

 

d)

 

Aggregated information

 

 

 

- Aggregated volume

  689,189

 

 

 

- Price

n/a

 

 

e)

 

Date of the transaction

 

6 June 2019

f)

 

Place of the transaction

n/a

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

David Eveleigh

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Group General Counsel & Company Secretary

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

 

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

 

 

 

Identification code

ISIN: GB0007973794

 

 

b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

n/a

250,965

 

 

 

 

 

 

 

d)

 

Aggregated information

 

 

 

- Aggregated volume

250,965

 

 

 

- Price

n/a

 

 

e)

 

Date of the transaction

 

6 June 2019

f)

 

Place of the transaction

n/a

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

Mark Irwin

2

 

Reason for the notification

 

a)

 

Position/status

 

 

CEO AsPac

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

 

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

 

 

 

Identification code

ISIN: GB0007973794

 

 

b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

n/a

321,277

 

 

 

 

 

 

 

d)

 

Aggregated information

 

 

 

- Aggregated volume

321,277

 

 

 

- Price

n/a

 

 

e)

 

Date of the transaction

 

6 June 2019

f)

 

Place of the transaction

n/a

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

Kevin Craven

2

 

Reason for the notification

 

a)

 

Position/status

 

 

CEO UK & Europe

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

 

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

 

 

 

Identification code

ISIN: GB0007973794

 

 

b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

n/a

330,810

 

 

 

 

 

 

 

d)

 

Aggregated information

 

 

 

- Aggregated volume

330,810

 

 

 

- Price

n/a

 

 

e)

 

Date of the transaction

 

6 June 2019

f)

 

Place of the transaction

n/a

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

Philip Malem

2

 

Reason for the notification

 

a)

 

Position/status

 

 

CEO Middle East

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

 

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

 

 

 

Identification code

ISIN: GB0007973794

 

 

b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

n/a

242,820

 

 

 

 

 

 

 

d)

 

Aggregated information

 

 

 

- Aggregated volume

242,820

 

 

 

- Price

n/a

 

 

e)

 

Date of the transaction

 

6 June 2019

f)

 

Place of the transaction

n/a

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

David Dacquino

2

 

Reason for the notification

 

a)

 

Position/status

 

 

CEO Americas

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

 

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

 

 

 

Identification code

ISIN: GB0007973794

 

 

b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

n/a

414,774

 

 

 

 

 

 

 

d)

 

Aggregated information

 

 

 

- Aggregated volume

414,774

 

 

 

- Price

n/a

 

 

e)

 

Date of the transaction

 

6 June 2019

f)

 

Place of the transaction

n/a

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

Anthony Kirby

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Group HR Director

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

 

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

 

 

 

Identification code

ISIN: GB0007973794

 

 

b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

n/a

239,382

 

 

 

 

 

 

 

d)

 

Aggregated information

 

 

 

- Aggregated volume

239,382

 

 

 

- Price

n/a

 

 

e)

 

Date of the transaction

 

6 June 2019

f)

 

Place of the transaction

n/a

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

Kate Steadman

2

 

Reason for the notification

 

a)

 

Position/status

 

 

Group Strategy & Communications Director

b)

 

Initial notification /Amendment

 

 

Initial notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

 

Name

 

 

Serco Group plc

b)

 

LEI

 

 

549300PT2CIHYN5GWJ21

4

 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

 

Description of the financial instrument, type of instrument

Ordinary shares of 2 pence each ("Ordinary Shares")

 

 

 

Identification code

ISIN: GB0007973794

 

 

b)

 

Nature of the transaction

 

 

The grant of conditional share awards on 6 June 2019 under the Serco Group plc 2019 Long-Term Incentive Plan.

c)

 

Price(s) and volume(s)

 

 

 

 

 

 

Price(s)

Volume(s)

 

 

 

n/a

141,776

 

 

 

 

 

 

 

d)

 

Aggregated information

 

 

 

- Aggregated volume

141,776

 

 

 

- Price

n/a

 

 

e)

 

Date of the transaction

 

6 June 2019

f)

 

Place of the transaction

n/a

 

 


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